Google would own less than 10% of the company, which would give Vevo a valuation of at least $500 million, according to Bloomberg's sources.

This is reportedly part of Google's efforts to keep Vevo's music videos on YouTube.

"While we don’t comment on individual negotiations, we always hope to renew our relationships with valuable partners so we can continue to provide YouTube users with the best possible music experience,” Google spokesperson Chris Dale told Bloomberg in an e-mailed statement.